Volkswagen's CEO Winterkorn Does Resign After All +VIDEO

Dr. Martin Winterkorn, Volkswagen
CEO

WOLFSBURG, Germany - September 23, 2015: Faced with the mounting scandal
related to the software used in its diesel-powered vehicles, Dr. Martin
Winterkorn, Volkswagen's CEO, has announced his resignation. This
announcement comes one day after announcing his refusal to resign.

"I am shocked by the events of the past few days. Above all, I am stunned that misconduct on
such a scale was possible in the Volkswagen Group.

As CEO I accept responsibility for the irregularities that have been
found in diesel engines and have therefore requested the Supervisory Board
to agree on terminating my function as CEO of the Volkswagen Group. I am
doing this in the interests of the company even though I am not aware of
any wrong doing on my part.

Volkswagen needs a fresh start – also in terms of personnel. I am
clearing the way for this fresh start with my resignation.

I have always been driven by my desire to serve this company, especially
our customers and employees. Volkswagen has been, is and will always be my
life.

The process of clarification and transparency must continue. This is the
only way to win back trust. I am convinced that the Volkswagen Group and
its team will overcome this grave crisis."

Dr. Winterkorn's previous satement on the crisis

The Executive Committee of the Supervisory Board of Volkswagen AG
discussed in detail the manipulation of emissions data of Volkswagen Group
diesel engines and came to the following conclusions:

1. The Executive Committee takes this matter extremely seriously. The
Executive Committee recognizes not only the economic damage caused, but
also the loss of trust among many customers worldwide.

2. The Executive Committee agrees that these incidents need to be
clarified with great conviction and that mistakes are corrected. At the
same time, the Executive Committee is adamant that it will take the
necessary decisive steps to ensure a credible new beginning.

3. The Executive Committee has great respect for Chairman Professor Dr.
Winterkorn’s offer to resign his position and to ask that his
employment agreement be terminated. The Executive Committee notes that
Professor Dr. Winterkorn had no knowledge of the manipulation of emissions
data. The Executive Committee has tremendous respect for his willingness to
nevertheless assume responsibility and, in so doing, to send a strong
signal both internally and externally. Dr. Winterkorn has made invaluable
contributions to Volkswagen. The company’s rise to global company is
inextricably linked to his name. The Executive Committee thanks Dr.
Winterkorn for towering contributions in the past decades and for his
willingness to take responsibility in this criticall phase for the company.
This attitude is illustrious.

4. Recommendations for new personnel will be presented at the upcoming
meeting of the Supervisory Board this Friday.

5. The Executive Committee is expecting further personnel consequences
in the next days. The internal Group investigations are continuing at a
high tempo. All participants in these proceedings that has resulted in
unmeasurable harm for Volkswagen, will be subject to the full
consequences.

6. The Executive Committee have decided that the company will
voluntarily submit a complaint to the State Prosecutors’ office in
Brunswick. In the view of the Executive Committee criminal proceedings may
be relevant due to the irregularities. The investigations of the State
Prosecutor will be supported in all form from the side of Volkswagen.

7. The Executive Committee proposes that the Supervisory Board of
Volkswagen AG create a special committee, under whose leadership further
clarifying steps will follow, including the preparation of the necessary
consequences. In this regard, the Special Committee would make use of
external advice. Further details about this will be decided at the
Supervisory Board meeting on Friday.

8. The Executive Committee is aware that coming to terms with the crisis
of trust will be a long term task that requires a high degree of
consistency and thoroughness.

9. The Executive Committee will work on these tasks together with the
employees and the Management Board. Volkswagen is a magnificent company
that depends on the efforts of hundreds of thousands of people. We consider
it our task that this company regains the trust of our customers in every
respect.

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